In an interview with Reuters, Paris Bourse President Jean-Francois Theodore said the eight exchanges, which aim to launch a common electronic link and common rules by next November, had not yet started to discuss the question of longer hours. But he said he was confident a consensus could be found.

"There is a thinking now at the European equity alliance level to extend trading hours, which would then end, I suppose, at 8.30 P.M. Or 10 P.M.," Said Theodore, speaking on the sidelines of a conference to promote Paris as a financial centre. "If we reached agreement, the probable date would be the end of 2000 or something like that - not earlier," he said.

Theodore said a longer day would be unpopular with member firms but it would go down very well with retail investors. "Like inthe US, they want to be able to trade once they go home," Theodore said. He said US pension funds, which are among the biggest users of Europe's markets, are also strongly in favour of longer hours.

"So, by extending trading hours we would meet two very strong needs of our main customers," he said. Some technical problems would have to be overcome, such as the need for newspapers to print closing prices in time for their distribution deadlines, Theodore stressed.